Anfield to hold Velvet-Wood groundbreaking Nov. 6

Executive Summary

• Anfield Energy Inc. announced a groundbreaking ceremony for its Velvet-Wood uranium-vanadium mine in San Juan County, Utah, scheduled for November 6, 2025.
• The event marks the official start of construction, dewatering, and mine reopening, following expedited federal and state approvals in May and October 2025, with potential first production targeted for 2026.
• The project aims to support U.S. energy independence by processing uranium and vanadium at the company's Shootaring Canyon mill, addressing domestic supply vulnerabilities for critical minerals.

Key Details

• Event Details: Groundbreaking ceremony on November 6, 2025, at 11 a.m. local time at the Velvet-Wood mine site.
• Location: San Juan County, Utah.
• Regulatory Status: Received expedited federal approval from the U.S. Department of the Interior in May 2025 (14-day environmental review) and final construction permit from the Utah Department of Oil, Gas and Mining in October 2025.
• Operational Scope: Activities include reopening the historic mine portal, dewatering underground workings, building surface facilities, conducting inspections, and advancing a new incline for ore extraction.
• Environmental Impact: Minimal environmental footprint with only three acres of new surface disturbance.
• Processing: Ore will be processed at Anfield's Shootaring Canyon mill, one of only three licensed conventional uranium mills in the U.S.
• Mill Capacity: Upgrades aim for three million pounds of annual capacity.
• Historical Production: The site produced 4 million pounds of U3O8 and 5 million pounds of V2O5 between 1979 and 1984.
• Resource Estimates (2023 PEA):
  • Measured and Indicated: 4.6 million pounds eU3O8 at 0.29% grade.
  • Inferred: 552,000 pounds eU3O8 at 0.32% grade.
  • Vanadium-to-Uranium Ratio: 1.4:1.
• Economic Metrics (PEA):
  • Pretax Net Present Value (NPV): $238 million (U.S.) at an 8% discount rate.
  • Internal Rate of Return (IRR): 40%.
  • Price Assumptions: $70/lb U3O8 and $12/lb V2O5.
• Asset Portfolio: Includes Slick Rock, Frank M, and the Paradox mine complex, all within 200 miles of the Shootaring Canyon mill.
• Strategic Context: Aligns with President Trump's 2025 executive orders on nuclear growth; addresses U.S. uranium import reliance (99% in 2023) and vanadium supply vulnerabilities.

Notable Quotes

• "Nov. 6 will be more than a groundbreaking -- it's a bold declaration of Anfield's readiness to help fuel the American nuclear renaissance," said Corey Dias, CEO. "Building on the Trump administration's visionary executive orders... Velvet-Wood positions us to supply uranium for clean energy, medical isotopes and naval propulsion while vanadium strengthens infrastructure and aerospace."
• Secretary Doug Burgum praised the expedited review: "This is mineral security in action."